|SEYLAN GOLD HEART |
As per its founder Chairman/Managing Director Deshamanya Dr. Lalith Kotelawala’s vision, Seylan Bank has developed a unique investment product which would add value to its clientele.
This account can be set up by any Sri Lankan over 18 years of age, by opening a Gold Cash Account and a Gold Account in any Seylan Bank Branch.
Thereafter, he/she may invest and trade in Gold. There is no compulsion to retain physical gold. The quantum of gold purchased by an individual less the quantum sold, would reflect as the balance in the account.
Seylan Bank would quote the buying and selling rate on a daily basis and also be the counterparty to buy back the gold in the Gold Account sold by any individual maintaining such accounts.
Apart from Seylan Bank, The Finance PLC, Seylan Merchant Bank PLC, Ceylinco Investment and Realty ., Ceylinco Finance PLC, Finance and Guarantee Company Pvt. Ltd., Ceylinco Savings Bank, Ceylinco Leasing Company and Multi Finance Ltd. would act as Agents for the public to buy and sell gold.
The minimum transaction amount for Gold investment and trading would be 5 grams and in multiples of 0.10grams thereafter, based on the funds available in the Gold Cash Account.
The 5,10,20 and 50 gram Bars are of 99.99 fine pure 24 Karat gold and Ten Tola bars are of 99.90 fine pure 24 Karat gold.
Customers may even withdraw physical gold from this account with prior notice given three days ahead for a very nominal fee which would depend on the type and number of Gold Bars withdrawn.
If an individual is inclined to purchase physical gold, gold bars are available in denominations of 5 grams, 10 grams, 20 grams and 50 grams, Ten Tola Bars of 3.746 ounces (116.6 grams) and in multiples of each denomination from the gold outlet situated at Seylan Bank’s First City Office, Colombo 1.
Customers may also sell the gold in their account back to the bank at the bank’s prevailing buying price and enjoy capital gains, depending on the market conditions.
Historically, gold has been used by communities as a traditional store of value and over the centuries the metal’s value had kept increasing steadily despite new sources and modern mining methods having increased the supply considerably.
For parents who plan for their childrens’ weddings in the future, the balance available in the Gold Account would be a great boon. The advantage is that the account holder does not have to worry about security in holding gold. This makes safety lockers and safes obsolete, for this purpose.
As such, as physical gold is not in one’s possession, the need for insurance cover also does not arise. Whilst one makes a good long term investment for one’s future, or accumulates capital gain due to fluctuating gold prices, it is the peace of mind in knowing that even physical gold, if needed, may be easily withdrawn, that is comforting to a gold account holder.
Wealth Managers also, who wish to have a portfolio of investments, would have an opportunity of investing in another investment instrument on behalf of their clients. In this period of high inflation and increasing costs all around, the Gold Trading Account may give an opportunity for a real rate of return, to the investors’ advantage.